Sweep Accounts

Overview

COS supports adding a sweep account to any existing deposit account. A linked sweep account allows funds held in the deposit account to be swept to other member banks. This allows accounts exceeding FDIC insurance limits to receive additional coverage.

Whether funds are sweep out to member banks or retained in COS, the balance of the master deposit account is always available to use. The entire process is seamless and automatically managed based on the sweep threshold set and the deposit account's current and available balance.

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Account Opening

To open a sweep account you must first have a master deposit account opened, and sweep ability must be enabled for the account's product. Note that only one sweep account may be active at a time.

Only a limited amount of data is required to open a sweep account. The following fields are required:

Field	Notes
stateCode	US state code the primary account holder is located in. Note that sweep accounts are not available outside the United States.
classification	Account classification.
sweepThreshold	Threshold dollar amount in cents. The portion of the COS balance which exceeds this threshold will be swept. If set to zero, the entire balance will be swept.
liquidate	Flag indicating all funds previously swept onto the sweep network should be returned to COS. Enabling this flag will also prevent future sweep activity on the account, regardless of the sweepThreshold set.

POST /core/v1/dda/accounts/1234567890/sweeps
{
  "stateCode": "NJ",
  "classification": "Single",
  "sweepThreshold": 0,
  "liquidate": false
}

{
  "accountNumber": "77712301",
  "masterAccountNumber": "1234567890",
  "customerId": "00000000-0000-0000-0000-000000000000",
  "classification": "Single",
  "status": "Active",
  "productNumber": "1",
  "rateCard": "001",
  "rateTier": 0,
  "stateCode": "NJ",
  "aggregateId": "1234567890",
  "balance": 0,
  "interestAccrued": 0,
  "sweepThreshold": 0,
  "liquidate": false,
  "productId": "00000000-0000-0000-0000-000000000000",
  "partnerId": "00000000-0000-0000-0000-000000000000",
  "openedAt": "2020-10-05T21:47:54.664Z",
  "lastModifiedAt": "2020-10-05T21:47:54.664Z"
}

Account Closing

Sweep accounts can be closed at anytime. Upon closing an account, any network balance remaining on the account will be swept back to Cross River. Closing an account is permanent, and cannot be reopened again in the future. Instead a new sweep account should be opened.

Note that closing a linked sweep account does not close the master deposit account associated with it.

Sweep Interest

Once a month sweep interest records will be available for the account. The interest earned from each member bank is consolidate to a single aggregate record. Likewise, the interest earned from each member bank will be posted to the COS deposit account as a single payment amount.

GET core/v1/dda/accounts/1234567890/sweeps/77712301/interest-payments

{
  "results": [
    {
      "id": "00000000-0000-0000-0000-000000000000",
      "masterAccountNumber": "1234567890",
      "sweepAccountNumber": "77712301",
      "postingDate": "2020-10-23T17:30:03.995Z",
      "status": "Posting",
      "securityNumber": "",
      "balance": 10000,
      "amount": 100,
      "yieldPercentage": 1,
      "paidInCash": true,
      "isReversal": false,
      "settlementId": "00000000-0000-0000-0000-000000000000",
      "coreTransactionId": "00000000-0000-0000-0000-000000000000",
      "productId": "00000000-0000-0000-0000-000000000000",
      "partnerId": "00000000-0000-0000-0000-000000000000",
      "createdAt": "2020-10-23T17:30:03.995Z",
      "lastModifiedAt": "2020-10-23T17:30:03.995Z"
    }
  ],
  "pageNumber": 0,
  "pageSize": 0,
  "hasPreviousPage": true,
  "hasNextPage": true
}

Sweep Transactions

A sweep transaction occurs as part of daily network settlement. The transaction represents the amount of money moving in and out of the sweep network for each account. Each account will generate a maximum of one sweep transaction per day.

GET core/v1/dda/accounts/1234567890/sweeps/77712301/transactions

{
  "results": [
    {
      "id": "00000000-0000-0000-0000-000000000000",
      "masterAccountNumber": "1234567890",
      "sweepAccountNumber": "77712301",
      "referenceNumber": "ABC123",
      "postingDate": "2020-10-23T17:30:04.003Z",
      "status": "Complete",
      "coreBalance": 10000,
      "sweepBalance": 0,
      "sweepThreshold": 0,
      "sweepAmount": 10000,
      "transactionType": "Credit",
      "officeId": "",
      "representativeId": "",
      "fundNumber": "",
      "securityNumber": "",
      "liquidate": false,
      "isAcknowledged": true,
      "acknowledgedAt": "2020-10-23T17:30:04.003Z",
      "settlementId": "00000000-0000-0000-0000-000000000000",
      "productId": "00000000-0000-0000-0000-000000000000",
      "partnerId": "00000000-0000-0000-0000-000000000000",
      "createdAt": "2020-10-23T17:30:04.003Z",
      "lastModifiedAt": "2020-10-23T17:30:04.003Z"
    }
  ],
  "pageNumber": 0,
  "pageSize": 0,
  "hasPreviousPage": true,
  "hasNextPage": true
}

Sweep Balances

Following daily sweep settlement, a balance snapshot record for each member bank an account's balance is swept to will be available for reference.

GET core/v1/dda/accounts/1234567890/sweeps/77712301/balances

{
  "results": [
    {
      "id": "00000000-0000-0000-0000-000000000000",
      "masterAccountNumber": "1234567890",
      "sweepAccountNumber": "77712301",
      "postingDate": "2020-10-23T17:30:03.987Z",
      "memberBankNumber": "123",
      "memberBankName": "ABC Bank",
      "rateCard": "001",
      "rateTier": 0,
      "balance": 10000,
      "interestAccrued": 10,
      "settlementId": "00000000-0000-0000-0000-000000000000",
      "productId": "00000000-0000-0000-0000-000000000000",
      "partnerId": "00000000-0000-0000-0000-000000000000",
      "createdAt": "2020-10-23T17:30:03.987Z",
      "lastModifiedAt": "2020-10-23T17:30:03.987Z"
    }
  ],
  "pageNumber": 0,
  "pageSize": 0,
  "hasPreviousPage": true,
  "hasNextPage": true
}

Sweep Statements

Similar to sweep balance snapshots, a monthly sweep statement record is available for each of the account's member banks.

GET core/v1/dda/accounts/1234567890/sweeps/77712301/statements

{
  "results": [
    {
      "id": "00000000-0000-0000-0000-000000000000",
      "masterAccountNumber": "1234567890",
      "sweepAccountNumber": "77712301",
      "postingDate": "2020-10-23T17:30:04.012Z",
      "memberBankNumber": "123",
      "memberBankShortName": "ABC Bank",
      "memberBankLongName": "ABC Bank of NY",
      "periodStart": "2020-09-01",
      "periodEnd": "2020-09-30",
      "previousPeriodEnd": "2020-08-31",
      "previousClosingBalance": 500,
      "closingBalance": 700,
      "depositTotal": 300,
      "withdrawalTotal": 100,
      "interestPaidYtd": 0,
      "blendedCustomerYield": 0,
      "interestPaid": 0,
      "settlementId": "00000000-0000-0000-0000-000000000000",
      "productId": "00000000-0000-0000-0000-000000000000",
      "partnerId": "00000000-0000-0000-0000-000000000000",
      "createdAt": "2020-10-23T17:30:04.012Z",
      "lastModifiedAt": "2020-10-23T17:30:04.012Z"
    }
  ],
  "pageNumber": 0,
  "pageSize": 0,
  "hasPreviousPage": true,
  "hasNextPage": true
}